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Powerball Annuity Jackpot Analysis for Washington, D.C. (Oct. 24, 2018 Drawing)

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $602,500,000 would be for a resident of Washington, D.C., including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Washington, D.C.

Drawing Date:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:8.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$770,822$6,121,230
2$9,521,914$2,285,259$809,363$6,427,292
3$9,998,010$2,399,522$849,831$6,748,657
4$10,497,911$2,519,499$892,322$7,086,090
5$11,022,806$2,645,473$936,938$7,440,394
6$11,573,946$2,777,747$983,785$7,812,414
7$12,152,644$2,916,634$1,032,975$8,203,035
8$12,760,276$3,062,466$1,084,623$8,613,186
9$13,398,290$3,215,589$1,138,855$9,043,845
10$14,068,204$3,376,369$1,195,797$9,496,038
11$14,771,614$3,545,187$1,255,587$9,970,840
12$15,510,195$3,722,447$1,318,367$10,469,382
13$16,285,705$3,908,569$1,384,285$10,992,851
14$17,099,990$4,103,998$1,453,499$11,542,493
15$17,954,989$4,309,197$1,526,174$12,119,618
16$18,852,739$4,524,657$1,602,483$12,725,599
17$19,795,375$4,750,890$1,682,607$13,361,878
18$20,785,144$4,988,435$1,766,737$14,029,972
19$21,824,401$5,237,856$1,855,074$14,731,471
20$22,915,622$5,499,749$1,947,828$15,468,045
21$24,061,403$5,774,737$2,045,219$16,241,447
22$25,264,473$6,063,473$2,147,480$17,053,519
23$26,527,697$6,366,647$2,254,854$17,906,195
24$27,854,081$6,684,979$2,367,597$18,801,505
25$29,246,785$7,019,228$2,485,977$19,741,580
26$30,709,125$7,370,190$2,610,276$20,728,659
27$32,244,581$7,738,699$2,740,789$21,765,092
28$33,856,810$8,125,634$2,877,829$22,853,347
29$35,549,650$8,531,916$3,021,720$23,996,014
30$37,327,133$8,958,512$3,172,806$25,195,815
Total$602,500,001$144,600,000$51,212,500$406,687,501
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